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Federal Reserve Bank of Cleveland

Coordinates: 41°30′6.98″N 81°41′25″W / 41.5019389°N 81.69028°W / 41.5019389; -81.69028
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Federal Reserve Bank of Cleveland
Federal Reserve Seal
Federal Reserve Seal
Headquarters
Headquarters
HeadquartersE. 6th St. and Superior Ave.
Cleveland, Ohio, USA
Coordinates41°30′6.98″N 81°41′25″W / 41.5019389°N 81.69028°W / 41.5019389; -81.69028
EstablishedMay 18, 1914 (110 years ago) (1914-05-18)
PresidentBeth M. Hammack
Central bank of
Fourth District
Websitewww.ClevelandFed.org
The Federal Reserve Bank of Cleveland is one of 12 regional banks that make up the Federal Reserve System

The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It has branch offices in Cincinnati and Pittsburgh. The check processing center in Columbus, Ohio, was closed in 2005. The interim chief executive officer and president is Mark Meder. Since August 21, 2024, Beth M. Hammack has been serving as the bank's chief executive officer and president.[1]

The bank building is a 13-story 203 foot high-rise, located at Superior Avenue and East 6th Street in downtown Cleveland. It was designed by the Cleveland firm of Walker and Weeks and completed in 1923.[2] Its exterior architecture emulates an Italian Renaissance palazzo, and is clad in Georgia pink marble. An extension to the building designed by HOK was completed in 1998, providing new facilities for check processing and cash handling. The building is listed on the National Register of Historic Places. The building's entrances feature allegorical sculptures by Henry Hering representing Security and Integrity flanking the East Sixth Street entrance, while his Energy watches the Superior Avenue entry.

Its original 100 short tons (91 t) bank vault door is the largest in the world and was designed by Frederick S. Holmes. The door casting itself was 20 short tons (18 t).[citation needed] It incorporates the largest hinge ever built. The hinge has an overall height of 19 feet (5.8 m) and weighs over 47 short tons (43 t) fully assembled. The vault's use was discontinued in 1997, though it is preserved intact for posterity.[3]

Learning Center and Money Museum

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Map of the Fourth District
Bank entrance on East 6th Street in Downtown Cleveland.
The door sealing the original primary vault inside the Bank's basement.

In January 2006, the bank opened the Learning Center and Money Museum, replacing the public teller windows vacated after September 11, 2001. Over 30 hands-on exhibits focus on the history of money, its effects on societies and cultures, and its central role in peoples' lives.[4] The museum is open from Monday through Thursday, except for bank holidays, and admission is free.

The museum includes a variety of activities and multi-media experiences to educate visitors, including computerized games about trading, writing contests, crayon rubbings, videos, speeches, films, and virtual tours,[5] One recent addition to the Learning Center and Money Museum is the documentary titled "The Panic of 1907" which details how the panic led to the creation of the Federal Reserve System. This film was produced by Joseph G. Haubrich and the Federal Reserve Bank of Cleveland.[6]

Board of directors

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The following people are listed as on the board of directors as of 2024. Class A directors are elected by member banks to represent member banks. Class B directors are elected by member banks to represent the public. Class C directors are appointed by the Board of Governors to represent the public. Terms always expire on December 31 of their final year on the board.[7]

Members of Board of Directors
Director Title Director
Class 		Term
Expires
James H. Nicholson President and Chief Executive Officer, North Valley Bank, Zanesville, Ohio A 2026
Eddie L. Steiner President and Chief Executive Officer, CSB Bancorp, Inc, Millersburg, Ohio A 2024
Helga Houston Senior Executive Vice President and Chief Risk Officer, Huntington Bancshares Inc., Columbus, Ohio A 2025
Darrell McNair President, MVP Plastics, Inc., Middlefield, Ohio B 2026
Jacqueline Gamblin Chief Executive Officer, JYG Innovations, Dayton, Ohio B 2024
Holly B. Wiedemann Founder, AU Associates, Inc., Lexington, Kentucky B 2025
Heidi L. Gartland

(Chair)

Chief Government and Community Relations Officer, University Hospitals Cleveland Medical Center, Cleveland, Ohio C 2025
Richard J. Kramer

(Vice Chair)

Former Chairman, Chief Executive Officer, and President, The Goodyear Tire & Rubber Company, Akron, Ohio C 2024
Ramona Hood Former President and Chief Executive Officer, FedEx Custom Critical, Richfield, Ohio C 2026

Governor and Presidents

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The position was installed under the title of “Governor” until the Banking Act of 1935 abolished the dual role of governor and agent and created a single leadership role – president.

# Portrait CEO Life span Term start Term end Tenure length Ref
Governors
1 Elvadore R. Fancher* 1864–1935 November 2, 1914 January 16, 1935 20 years, 75 days [8]
Presidents
2 Matthew J. Fleming 1879–1962 January 19, 1935 September 15, 1944 9 years, 240 days [9]
3 Ray M. Gidney 1887–1978 November 1, 1944 April 16, 1953 8 years, 166 days [10]
4 Wilbur D. Fulton 1898–1964 May 14, 1953 April 30, 1963 9 years, 351 days [11]
5 W. Braddock Hickman* 1911–1970 May 1, 1963 November 28, 1970 7 years, 211 days [12]
6 Willis J. Winn 1917-2002 September 1, 1971 April 30, 1982 10 years, 241 days [13]
7 Karen N. Horn 1944– May 1, 1982 April 8, 1987 4 years, 364 days [14]
8 W. Lee Hoskins October 8, 1987 November 15, 1991 4 years, 38 days [15]
9 Jerry L. Jordan 1941- March 10, 1992 January 31, 2003 10 years, 327 days [16]
10 Sandra Pianalto 1954- February 1, 2003 May 31, 2014 11 years, 119 days [17]
11 Loretta J. Mester 1958– June 1, 2014 June 30, 2024 10 years, 29 days [18]
12 Beth M. Hammack 1971/1972– August 21, 2024 Incumbent 93 days [19]
† Stepped down due to reaching retirement age
* Died in office

See also

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References

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  1. ^ "Office of the President". Federal Reserve Bank of Cleveland. Archived from the original on 2 July 2024.
  2. ^ "Federal Reserve Bank Building". Archived from the original on October 24, 2015.{{cite web}}: CS1 maint: unfit URL (link) Retrieved on 2015-10-16
  3. ^ "Federal Reserve Bank of Cleveland historical photo tour". Federal Reserve Bank of Cleveland. Archived from the original on 21 June 2010. Retrieved 11 December 2009.
  4. ^ Ball, Chris (17 April 2009). "Northeast Ohio is home to many museums, from ethnic heritage to politics to financial affairs". Cleveland.com. Retrieved 6 September 2015.
  5. ^ "Learning Center and Money Museum: Teach". Federal Reserve Bank of Cleveland. Archived from the original on 2020-06-01. Retrieved 2018-01-03.
  6. ^ "Panic of 1907". Cleveland Federal Reserve Bank. Retrieved 2018-01-03.
  7. ^ "Directors of Federal Reserve Bank of Cleveland". The Federal Reserve. 29 January 2024.
  8. ^ "Elvadore R. Fancher". Federal Reserve History. Retrieved November 2, 2024.
  9. ^ "Matthew J. Fleming". Federal Reserve History. Retrieved November 2, 2024.
  10. ^ "Ray M. Gidney". Federal Reserve History. Retrieved November 2, 2024.
  11. ^ "Wilbur D. Fulton". Federal Reserve History. Retrieved November 2, 2024.
  12. ^ "W. Braddock Hickman". Federal Reserve History. Retrieved November 2, 2024.
  13. ^ "Willis J. Winn". Federal Reserve History. Retrieved November 2, 2024.
  14. ^ "Karen N. Horn". Federal Reserve History. Retrieved November 2, 2024.
  15. ^ "W. Lee Hoskins". Federal Reserve. Retrieved November 2, 2024.
  16. ^ "Jerry L. Jordan". Federal Reserve History. Retrieved November 2, 2024.
  17. ^ "Sandra Pianalto". Federal Reserve History. Retrieved November 2, 2024.
  18. ^ "Loretta J. Mester". Federal Reserve History. Retrieved November 2, 2024.
  19. ^ "Beth Hammack". Federal Reserve History. Retrieved May 5, 2021.
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